ID
2021-004

Type
Policy
Sector
Credit Unions and Caisses Populaires
Status
Open
Date
Comment Due Date

Summary

The Financial Services Regulatory Authority of Ontario (FSRA) is making the supervision of Ontario’s credit unions more transparent and effective.

FSRA is holding a 90-day consultation on its Proposed Sound Business and Financial practices of Credit Unions and Caisses Populaires Rule

Overview

The Sound Business and Financial Practices of Credit Unions and Caissess Populaires Rule introduces a principles-based approach to business and financial practices by setting outcomes for:

  • Member governance
  • Board of Directors governance
  • Senior management
  • Operational management
  • Internal audit, compliance, and finance functions
  • Enterprise risk management
  • Subsidiary governance

The Proposed Rule will be made under the new Credit Unions and Caisses Populaires Act, 2020, once proclaimed into force. It will replace Deposit Insurance Corporation of Ontario (DICO) By-Law No. 5. 

Participate

FSRA is holding a 90-day consultation. FSRA invites comments from June 14, 2021 to September 14, 2021. FSRA is hosting a technical briefing on June 24, 2021 for interested parties. Please register at FSRA's Live Webinar on Ontario's Proposed New Credit Union Rules

Review the Proposed Rule and provide your comments by selecting “Submit a comment or ask a question.”

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Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at contactcentre@fsrao.ca for instructions.

By submitting your content, you agree to have your materials posted on our engagement portal, used in reports and other materials prepared by Financial Services Regulatory Authority of Ontario (FSRA) that may be shared with the public. Content is moderated so that all posts are respectful and professional. The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, applies to all online content.

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